Anil Singhvi Market Strategy (May 5): Important levels to track in Nifty 50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,200-24,300 levels and a strong buy zone at 24,075-24,175 levels on Monday, May 5. For the Nifty Bank, Singhvi expects support at 54,575-54,725 levels and a strong buy zone at 54,175-54,400 levels.

Read on to learn about the market wizard’s views for the day. 

How market guru Anil Singhvi sums up trade setup this morning: 

• Global: Positive

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions unchanged 47 per cent as before Friday’s session

• Nifty put-call ratio (PCR) at 0.91 vs 1.16

• Nifty Bank PCR unchanged at 0.94

• Volatility gauge India VIX unchanged at 18.26

The market wizard sees a higher zone at 24,500-24,600 levels and a profit-booking zone at 24,650-24,750 levels for the headline index.

For the banking index, he sees a higher zone at 55,475-55,675 levels and a strong sell zone at 55,950-56,075 levels. 

Should you buy even if the Nifty50 makes a gap-up start of 100 points?

• Yes, even a gap-up start to Monday’s session can be viewed as a buying opportunity
• Wait for the first dip in initial trade to enter
• Nif50 may strengthen further after a sustained move above the 24,500 mark
• The next significant target for the index seems to be placed in the 24,650-24,850 range

ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?

For existing long positions: 

• Nifty intraday stop loss at 24,150 and closing stop loss at 24,050
• Nifty Bank intraday and closing stop loss at 54,700

For existing short positions:

• Nifty intraday stop loss at 24,500 and closing stop loss at 24,400
• Nifty Bank intraday stop loss at 55,500 and closing stop loss at 55,700

For new positions in Nifty50:

• Buy Nifty for targets of 24,450, 24,500, 24,550, 24,575, 24,640 and 24,665 with a stop loss at 24,150 

• Aggressive traders can sell Nifty in the 24,550-24,650 range with a strict stop loss at 24,750 for targets of 24,500, 24,465, 24,400, 24,365, 24,335 and 24,300

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 54,575-54,725 with a stop loss at 54,400 for targets of 54,975, 55,075, 55,125, 55,175, 55,250 and 55,300

• Aggressive traders can buy Nifty Bank with a strict stop loss at 54,900 for targets of 55,300, 55,375, 55,450, 55,575, 55,675 and 55,950

• Aggressive traders can sell Nifty Bank in the 55,475-55,675 range with a strict stop loss at 55,750 for targets of 55,375, 55,300, 55,250, 55,175, 55,100 and 55,000

ALSO READ: RBI to purchase Rs 1.25 lakh-crore bonds this month

Stocks in F&O ban

• Already in ban: RBL Bank
• New in ban: None
• Out of ban: None

Result Reviews

SBI

• Results slightly positive
• Operating profit up 10 per cent 
• Loan growth stable at 12%
• Balance sheet strong 
• Buy SBI futures near support at Rs 781; a higher level is expected at Rs 818

Kotak Mahindra Bank

• Numbers below estimates
• 3-4 per cent EPS downgrade
• Internals weak
• Sell Kotak Mahindra Bank futures for targets of Rs 2,145, Rs 2,120 and Rs 2,080 with a stop loss at Rs 2,222 

Indian Bank 

• Results are a mixed bag
• Asset quality better
• However, slippages have increased
• Indian Bank futures have support at Rs 532 and a higher expected level at Rs 570

Marico 

• Volume growth strong 
• Stable performance
• Marico looks better than other FMCG companies
• Buy Marico futures for targets of Rs 712, Rs 718 and Rs 723 with a stop loss at Rs 681 

DMart

• Results weak on all parameters
• 6-8 per cent EPS cut
• Margin pressure due to huge competition
• Sell D-Mart futures for targets of Rs 3,940, Rs 3,850 and Rs 3,825 with a stop loss at Rs 4,122 

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